Poly April Sales up 1% MoM, YoY Growth Slowing

Chinese residential property developer Poly Real Estate (600048.SH) achieved contract sales worth RMB 6.68 billion in April, up 63.41% annually and compared with March sales of RMB 6.61 billion, the company announced on May 10. Poly's sales Sales by area slipped 0.28% y-o-y to 495,500 sqm during the month, said the report. Between January and April, the company's sales came to 1.82 million sqm, worth a total of RMB 20.7 billion, representing y-o-y growth of 20.05% and 69.38%, respectively, according to the report. In comparison, first quarter area sales increased at a rate of 30% y-o-y, while sales value in the first three months was 72.39% higher than the year-ago period, according the the company's previous monthly sales announcement.

In April, the company acquired a 69,500 sqm land parcel for RMB 788 million in Guangzhou City, Guangdong Province, as well as another 68,900 sqm piece for RMB 148 million in Baotou City, Inner Mongolia, according to guandian.cn report the same day.